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Show SOMETHING IS THE 1 MATTER WITH CACHE u rv So Says a Circular from a Salt Lake City Concern. It Places the Mortgage In-. In-. debtedness at $3,952,961.48 in 1912. ' A circular is being mailed to cltl 7eus In Cache alloy from a Salt Lako concern which carries somo startling ilguresjnropjgrting to be facts anil as they Utally concern on cry person lhlng In the valley wo quote extracts from the circular: To Every Cache Valley Man and His Family Do -ou know that there Is some-tlilug some-tlilug ery seriously the matter with buautlful Cacho alie)? Something so serious that it uffects tho welfare of a very large majority of our peo-p peo-p o? The farmers and their families are the principal sufferers from this thing but every business Interest suffers also for, In a farming community, com-munity, wbero tho farmers and his family suffer, all other Interests are affected. ' This thing Is a dlseaso which pre-uI1b pre-uI1b In many counties ot Utah, Ida ho, Montana and other lntermountuiu States. Would you know tho namo of It? ,The Thing That Is Hurting v Cache Valley 'Wo want flrBt to glvo you somo figures fig-ures that will surprise you, 'llio mortgage Indebtedness of Cache county on July 1, 1U12, was K'Jo.'.OGjas. This represented 3,571 moitgages. -ro you-not surprised ut theso llg ures? Well. They only represent the debt in 1U12. During tho next yeai tbo number of mortgages grow to 3,784 nnd the amount to $1,243,520 an liicreaso for tho year ot neurly throe hundred thousand dollars Theso liguros are official. They only glvo the umount of recorded mortgages. - Add tho unrecorded ones and tho total would approach five millions. A big debtl Is it not? We have no official figures on the, percentage ot Cache valley farms under un-der mortgage, but bankers and others oth-ers estimate tbo number at 90 per cent ot the total number ot farms. We are also advised that not more than 10 per cent of tho farmers own' Ing mortgaged farms are making very much progress In paying off tho principal. It is said that Uvo furmors havo been forming tho habit during th past thirty jenrs ot Just poylng interest in-terest and reuolng the principal, Those ilgurcs do not Indlcato an altogether healthful financial condition. condi-tion. Do they? In fact thoy Indl- cnto piotty clearly that Cacho county coun-ty lias a ery clear and pretty so vere caso of tho mortgago debt disease dis-ease Uo they not? Now do not misunderstand us. Tho object of this llttlo article Is not to run down Cacho valley. Wo hao n lot of admiration for It and Its peoplo. peo-plo. Wo know Its lands ate fertile Its peoplo good farmers and business busi-ness men. Wo oxpect'to see this valley become very, very rich and prosperous. Wo 'mean to help mako It prosperous. A mortgage debt In Itself Is not a serious" thing. It may bo no dlseaso at all. It Is only the debt that runs oh and on for years alwajs being renewed seldom or neer cut down or which, from time to time, is increased In stead ot holng reduced that becomes u debt disease. Most of us would nover have made monoy If we never had borrowed money. It Is good business policy to borrow bor-row reasonably to develop land or otherwlso to Improve a farm pr to mako other profitable Investments, It is only tho debt that Is never paid Hint becomes like- a dlseaso. Causes of the Disease When peoplo suffer from a ph steal st-eal dlseaso tho cnuso must bo known beforo a euro can bo effcoied. So it Is with our financial al'j incuts, Thus, regarding this mortgago mort-gago debt dlseaso, It wo would effect a cure we must find out the cause;. Then let us ask oui selves what, aro the causes ot tho debt that runs on and on and on something Increasingseldom In-creasingseldom being cut down tho debt that, lnstoad of helping our progress, becomed a burden and holds us back? Ju particular cases thero may bj other causes but there seem to be two general causes In ovory case, viz.: First Hlghor Interest rates than the earning capacity of tho land wl bear. ' Secondly Unfavorable terma for payment of tho principal. Interest rates of 8 per cent, 9 per cent and 10 per cent are i hoavy drain on tho earning capacity ot oven ov-en tho best farm land. A straight loan for a term of sov eral years with no prlvllego of earlier payment of small parts ot tho debt discourages papmoAt of the principal. |
